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’re considering moving into a new home, or if you Economic harm
are considering replacing aging home essentials, expect
to pay more. The impact of these tariffs on the broader economy
is just beginning, but even at the peak of today’s long-
Third, car parts such as wheels and brakes will be running economic expansion, the pain is real – and for
impacted. China is not a major source of U.S. vehicle more than a few unlucky Americans.
imports but does ship about 12% of U.S. auto parts imports.
Automakers will feel the impact, as will many U.S. auto According to an analysis by the Tax Foundation, the
parts manufacturers that make some items in China. tariffs planned and enacted to date would reduce long-
run GDP by $30 billion and eliminate 94,303 full-time
Tax increase equivalent jobs.
Add it all up, and these tariffs represent a sizeable hit If all tariffs announced thus far were fully enacted
to the American taxpayer. – including those proposed on autos and auto parts,
additional tariffs on imports from China, and foreign
It gets worse, according to a National Taxpayers Union retaliation – they would “effectively offset one-third
Foundation analysis: “If an additional 25 percent tax on of the long-run impact of the Tax Cuts and Jobs Act.”
imported cars and parts is implemented, Trump tariffs Nearly half a million American jobs would be lost.
would offset nearly half of the tax cuts Americans are
supposed to receive next year thanks to the 2017 Tax In sum, tariffs are taxes, and for more and more
Cuts and Jobs Act (TCJA). Threatened taxes on another Americans, the price is high.■
$267 billion in imports from China, if imposed, would
add even more to the escalating cost of the Trump
administration’s trade policy.”
are considering replacing aging home essentials, expect
to pay more. The impact of these tariffs on the broader economy
is just beginning, but even at the peak of today’s long-
Third, car parts such as wheels and brakes will be running economic expansion, the pain is real – and for
impacted. China is not a major source of U.S. vehicle more than a few unlucky Americans.
imports but does ship about 12% of U.S. auto parts imports.
Automakers will feel the impact, as will many U.S. auto According to an analysis by the Tax Foundation, the
parts manufacturers that make some items in China. tariffs planned and enacted to date would reduce long-
run GDP by $30 billion and eliminate 94,303 full-time
Tax increase equivalent jobs.
Add it all up, and these tariffs represent a sizeable hit If all tariffs announced thus far were fully enacted
to the American taxpayer. – including those proposed on autos and auto parts,
additional tariffs on imports from China, and foreign
It gets worse, according to a National Taxpayers Union retaliation – they would “effectively offset one-third
Foundation analysis: “If an additional 25 percent tax on of the long-run impact of the Tax Cuts and Jobs Act.”
imported cars and parts is implemented, Trump tariffs Nearly half a million American jobs would be lost.
would offset nearly half of the tax cuts Americans are
supposed to receive next year thanks to the 2017 Tax In sum, tariffs are taxes, and for more and more
Cuts and Jobs Act (TCJA). Threatened taxes on another Americans, the price is high.■
$267 billion in imports from China, if imposed, would
add even more to the escalating cost of the Trump
administration’s trade policy.”
